Alarm.com Q2 Results: Revenue Rises 33% Driven by SaaS
Alarm.com's total revenue increases 33% while SaaS and license revenue increases 40% following the acquisition of Connect and Piper business units from Icontrol.
Alarm.com (Nasdaq: ALRM) has reported impressive financial results in Q2 2017, which ended June 30, led in part by its Software as a Service (Saas) and licence revenue. The company also reported its financial outlook for Q3 2017.
Total revenue increased 33 percent to $86 million, compared to $64.4 million for the same period the year prior.
SaaS and license revenue increased 40 percent to $58.9 million, which includes the first full quarter of revenue from Connect following the acquisition of the Connect and Piper business units from Icontrol on March 8.
Additional Alarm.com Q2 Results:
- Non-GAAP adjusted EBITDA increased to $15.9 million for Q2, up 31% year-over-year from $12.1 million for the second quarter of 2016.
- GAAP net income was $9.9 million, or $0.20 per diluted share for the second quarter of 2017 compared to $1.9 million or $0.04 per diluted share for the second quarter of 2016.
- Non-GAAP adjusted net income increased to $16.0 million, or $0.33 per diluted share for the second quarter of 2017 compared to $7.1 million or $0.15 per diluted share for the second quarter of 2016.
- GAAP net income and Non-GAAP adjusted net income in the second quarter of 2017 included a $4.5 million tax benefit due to additional research and development (R&D) tax credits and a favorable impact from the new accounting standard for employee share-based transactions during the quarter.
- Cash flows from operations increased to $11.8 million from $700,000 for the same period the year prior.
“We’re pleased with our second quarter results and the continued performance of our service provider partners in the market,” said Steve Trundle, president and CEO of Alarm.com, in a press release. “The market for connected property security, monitoring, and automation solutions continues to grow, and we further enhanced our video and commercial offerings in the second quarter.”
For the full year 2017, the company expects SaaS and license revenue to be in the range of $233.3 million to $233.8 million.
Total revenue is expected to be in the range of $326.3 million to $327.8 million, which includes anticipated hardware and other revenue in the range of $93 million to $94 million.
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